Zedge (NYSEAMERICAN:ZDGE) Stock Price Crosses Below 50 Day Moving Average – What’s Next?

Shares of Zedge, Inc. (NYSEAMERICAN:ZDGE) passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.08 and traded as low as $2.94. Zedge shares last traded at $2.98, with a volume of 92,075 shares changing hands.

Analysts Set New Price Targets

Separately, Zacks Research raised Zedge to a “hold” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.00.

Zedge Price Performance

The stock has a fifty day moving average of $3.08 and a 200 day moving average of $3.11. The firm has a market capitalization of $37.37 million, a P/E ratio of -33.11 and a beta of 1.22.

Zedge (NYSEAMERICAN:ZDGE) last announced its quarterly earnings data on Thursday, June 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Zedge had a positive return on equity of 11.18% and a negative net margin of 3.62%.The firm had revenue of $7.99 million during the quarter, compared to the consensus estimate of $7.00 million. Equities analysts forecast that Zedge, Inc. will post 0.31 EPS for the current fiscal year.

Zedge Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were given a dividend of $0.02 per share. The ex-dividend date was Monday, June 22nd. This represents a $0.08 annualized dividend and a yield of 2.7%. Zedge’s dividend payout ratio is presently -11.94%.

Institutional Trading of Zedge

Hedge funds have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC purchased a new position in Zedge in the third quarter valued at about $37,000. Raymond James Financial Inc. bought a new position in shares of Zedge during the 2nd quarter valued at approximately $40,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Zedge during the 3rd quarter worth approximately $87,000. Goldman Sachs Group Inc. raised its holdings in shares of Zedge by 35.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 42,029 shares of the company’s stock worth $138,000 after purchasing an additional 11,022 shares during the period. Finally, Citadel Advisors LLC raised its holdings in shares of Zedge by 304.7% in the 3rd quarter. Citadel Advisors LLC now owns 49,520 shares of the company’s stock worth $144,000 after purchasing an additional 37,285 shares during the period. Institutional investors own 29.37% of the company’s stock.

Zedge Company Profile

Zedge, Inc (NYSE American: ZDGE) is a digital media and technology company that operates a mobile personalization platform. Through its flagship Zedge app and website, the company provides consumers with a wide range of downloadable digital content, including wallpapers, ringtones, notification sounds, app icons and lock screens. The platform accommodates both free and premium content, enabling users to customize their smartphones and tablets according to personal taste.

The company’s platform features content created by independent designers and established media brands, and it supports multiple languages and regional preferences.